best forex trading robots reviews

Here I am going to share with you a critical piece of forex education and it’s something you would be wise to study, as it will lead you to currency trading success – if you learn and digest it.

I am going to cover an experiment that took place in 1983 and the experiment was done to prove that anyone could quickly learn to trade and make big forex profits.

Richard Dennis was a legendary trader, who set out to prove anyone could learn to trade, if they had the right knowledge and attitude. He decided set about trading a group of people who had never traded before, to trade in just 14 days.

So what was the result of the experiment?

The group went on to make Dennis $100 million in just 4 years and become some of the most famous traders of all time.

This group was diverse: A female auditor, an actor, a security guard and a kid fresh from school were just a few of the people in the group – yet they all achieved success in 14 days!

So what can you learn from this experiment?

The first lesson is that anyone can become a successful trader, age, sex or educational achievement are no barrier anyone can do it.

Secondly it’s the speed with which they did it that struck me just 14 days and this shows that you only need to work smart not hard.

One of the most vital lessons you can learn is that the trading system taught was simple – but the vital thing Dennis knew was – if you have a trading system, you must have confidence to apply it, with discipline, otherwise you will fail.

The system was essentially a breakout system and the logic is timeless and the methodology will still work today – but takes incredible discipline to apply such a system and Dennis knew this.

So he rammed it home, that they would have take a long periods of losses to deal with, before they hit the big profitable trades and this is something you must learn to as part of your forex education.

Forex trading doesn’t just rely on your system it relies on your confidence in it and your ability to apply it with discipline, through losing periods. If you think discipline is an easy trait to acquire think again – its not, that’s why 95% of traders lose.

Of course you can do it but you need to do your homework and learn, understand and have confidence in what you are doing – it’s as simple as that.

If you want to read more about the turtle experiment, you should read Jack Shwagers excellent book Market Wizards and “The way of the turtle” where Curtis faith (the most successful of the group) outlines everything about the experiment.

These books won’t cost you much and they are really essential forex education, so go and get them. The turtle experiment inspired me to start trading many years ago and I have never regretted it and their success still inspires me today,

Finally, I hope they inspire you in your forex trading as well.

If you want to learn forex trading, then you need to understand the equation enclosed (most traders don’t) if you do and can see its significance, then you can enjoy long term currency trading success so here it is:

Fundamentals + Investor Perception = Price

Now that simple! But consider its significance and understand that most traders don’t, because they base their forex trading strategies on the following forex myths:

- Following the breaking news stories is a great way to make money

- Day trading limits risk and can be rewarding.

- Forex prices can be predicted.

- Markets move to a scientific theory.

Believe any of the above and you will lose and lose quickly.

Let’s take a look at the equation in more detail.

We all know the supply and demand situation affects the price but it’s not the fundamentals that are important it is the way humans perceive them.

We all have the same facts to look at but we all decide what they mean in our own way, with the emotions of greed and fear controlling the bulk of traders.

Try and trade news stories and you are simply seeing a story nothing more and if traders got rich trading the news there would be a lot more traders who make money.

Day trading works of course it doesn’t – the time span is to short how can you possibly predict what millions of traders will do in a few hours? – You can’t.

Forex prices cant be predicted either, as that’s just another word for hoping or guessing and you wont make any money doing that and this is linked to the fact there is no scientific theory of market movement. If there were, we would all know the price in advance and there would be no market.

What you really need to understand regarding the above equation is:

Forex trading is chaotic but you can win if you trade the odds.

It’s a fact that traders throughout history push prices too far – this is trader psychology at work. Short term price spikes never last for long and their easy to see on a forex chart and their tradable for profit for savvy traders who can spot them.

Certain chart patterns reflect human psychology, if you can learn to spot them and trade them you can trade the odds and win.

You simply react to the reality of price change and go with the trends – no hoping or guessing just trading the reality of price.

If you use charts you can you see the fundamentals as well as the trader psychology.

All a forex chartist does is assume that all fundamentals are immediately reflected in price action and in today’s world of instant communications that’s truer than ever before – but forex charts give you something more.

You get to see how the participants perceive the fundamentals and its humans that determine the price.

If you have read this article and understood it you will see the common myths that most traders fall for and lose and a better way to win.

Think about the above equation and what we have said here and you will have a valuable piece of forex education which can set you on the road to learning forex trading the right way and help you enjoy long term currency trading success.

It seems like if I sell then it goes up, if I buy, it seems to go down. Someone clue me in please.

Foreign Currency Exchange (Forex) Trading involves determining whether a certain nation’s currency will go up or down compared to another major currency. When you trade in the Forex, you trade currency pairs: Pairs of national currencies which go up or down relative to each other.

When you trade Commodities (anything found naturally in nature or planted) you determine if the price of a certain commodity will go up or down based on whether you believe there will be a good growing season, increased mining prospects, a bad growing season, floods, drought, strikes etc. Mother Nature plays a much stronger role in trading commodities than it does in trading currency. And we all know “It’s not nice to fool Mother Nature”.

World Events:

As mentioned above, the constant change in weather patterns from year to year can play havoc on the commodities market. If it’s not the weather it could be strikes by miners, new mineral discoveries, dry holes, war or a multitude of different events, all of which can completely change the outlook for commodities. The possibility of good sized gains exists in the commodities market, but the risk of huge losses due to crop failures, etc. is also present. You have to be very careful if you play the commodities market. With currency, the Forex Market can also be affected by worldwide changes, but they typically have a less dramatic effect on your portfolio than what can occur with commodities. Overall the Forex market is the safer bet of the two.

Forex Trading Information Easy to Find:

Information about trading commodities can be fairly difficult to find, especially information which is free. There is an ample amount of information available, but a lot of it is costly to obtain. Forex information is much more accessible and most of it is free. You can also sign up for practice accounts at many Forex sites and actually try your hand at Forex trading without risking your capital. This makes for a great introduction to Forex Trading and lets you know what the possibilities are. These practice accounts in Forex Trading are typically not available in the commodities arena.

Hours of Operation:

The Forex Market is open 24 hours a day, five days a week. There is no other market open this long. If you trade the Forex, you have more opportunities and time to complete your trades and trade again than with commodities or any other market.

Liquidity – Ease of Buying and Selling:

Again, the Forex Market does the most volume as compared to all other markets. If it is going to be easy to buy and sell positions, Forex will be the easiest with all its volume.

Highly Predictable:

Commodity prices can jump all around the board depending on demand, weather, crop percentages planted, oil found or not found, etc. Forex markets are more predictable. Sure, currency prices can fluctuate and become volatile at times, but there is more of a pattern involved with Forex. There are more trends created in Forex that can be followed compared to the commodity market. This can make it easier to be consistent when trading the Forex.

Commission Free Trading and Instantaneous Order Execution:
Because the Forex Market is an open market and has no centralized trading floor, when you trade in the Forex, you don’t pay a middleman. In other words, you don’t pay a commission to trade. Money is made by institutions on the difference between the bid and ask price, but that occurs with any market. The fact that you don’t pay commissions or fees can really save you money in the long run.

Both Commodities Trading and Forex Trading can be exciting and profitable. It is up to the individual investor to decide which is best for their respective situation. With more information available for Forex Trading and with the information being free or very inexpensive, complete with free demo accounts available to practice trading, it’s hard to go wrong with Forex Trading.

I trade forex on marketiva platform, and I am looking for a good trading manual system I could use to get more pips trading on marketiva mini forex account